2020年CFA考試《CFA一級》考試共240題，分為單選題。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數上。一起加油前行。

1、In general, which of the following institutions will most likely have a high need for liquidity and a short investment time horizon?【單選題】

A.Banks

B.Endowments

C.Defined benefit pension plans

正確答案:A

答案解析:“Portfolio Management: An Overview”, by Robert M. Conroy and Alistair Byrne.
2011 Modular Level I, Vol. 4, pp. 286-292
Study Session 12-51-b
Discuss the types of investment management clients and the distinctive characteristics and needs of each.
A is correct. Banks have a short term horizon and high liquidity needs. See Exhibit 14, page 291.

2、An analyst gathered the following information about a company:

If markets are in equilibrium, which of the following statements best describes the company’s price-to- earnings (P/E) ratio? The company’s P/E ratio based on the infinite period dividend discount model (DDM) is:【單選題】

A.less than the company’s trailing P/E ratio.

B.the same as the company’s trailing P/E ratio.

C.greater than the company’s trailing P/E ratio.

正確答案:A

答案解析:“An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFA
2010 Modular Level I, Vol. 5, pp. 142-143, 148-150
“Introduction to Price Multiples,” John D. Stowe, CFA, Thomas R. Robinson, CFA, Jerald E. Pinto, CFA, and Dennis W. McLeavey, CFA
2010 Modular Level I, Vol. 5, p. 198-200
Study Session 14-56-d; 14-59-b
Show how to use the DDM to develop an earnings multiplier model and explain the factors in the DDM that affect a stock’s price-to-earnings (P/E) ratio.
Calculate and interpret P/E, P/BV, P/S, and P/CF.
The trailing P/E ratio is computed as the current stock price divided by the current or trailing 12-months’ EPS. On the other hand, the P/E ratio based on the infinite period dividend discount model is computed as (D/E) / (k – g).
If markets are in equilibrium, the price per share reflects the value determined by the constant growth dividend. Using the constant growth model the stock's value is ($2.40)(1.08) / 0.07 = $37.03;
The trailing P/E = 37.03 / 6 = 6.17. The DDM P/E is the dividend payout ratio divided by k-g = 0.4 / 0.07 = 5.71. Another way of computing DDM P/E is: Current Market Price/Expected 12-month earnings: 37.03/(6.00 x 1.08) = 5.71. (see p. 148)

3、An analyst does research about future contracts.A commodity futures accounthas the following margin balances:

The variation margin is closest to:【單選題】

A.$1 800

B.$4 400

C.$6 200

正確答案:C

答案解析:$18 700 - $12 500 = $6 200，當保證金余額低于維持保證金時，要增加保證金到初始保證金的額度，增加的部分被稱為變動保證金。

4、An analyst does research about yield spread.All other factors being equal, willthe yield spread for an option-free corporate bond over the benchmark bond mostlikely decrease :【單選題】

A.

B.

C.

正確答案:C

答案解析:當經濟處于衰退期時，人們對于風險更加厭惡，投資者會要求有更高的收益率溢價。當債券的信用評級被調低時，則該債券有更大的風險，投資者會要求有更高的收益率溢價。

5、An analyst does research about a floating-rate security.All else being equal, thecap on a floating-rate security is most likely to benefit the:【單選題】

A.issuer if interest rates fall.

B.issuer if interest rates rise.

C.bondholder if interest rates rise.

正確答案:B

答案解析:浮動利率的利率頂對于債券的發行人有利，它限制了票面利率上漲的最高幅度，鎖定了發行人的利息支出。